The development team was one of four that responded to the city’s request for proposals last summer. In winning the agency staff nod, Golub and Mercy beat out Related Cos., Avant Housing, and Grosvenor Americas. Golub agreed to pay $30 million for the market-rate site, 36 percent more than the $22 million runner-up Related agreed to shell out. Avant proposed to pay $18.05 million. Grosvenor Americas offered $21 million. The city guidelines required that the chosen developer would have to pay a minimum of $18 million for the land.

As proposed, a 300-foot glass tower designed by One Rincon Hill designer Solomon Cordwell Buenz will rise at the corner of Folsom and Fremont with 407 units of market-rate housing and 150 affordable units designed by Santos Prescott and Associates rising in an assortment of buildings across the site.
The San Francisco Redevelopment Agency Board which still needs to approve the deal is expected to review the Agency recommendation on December 6. Construction is expected to start in 2013, assuming it’s approved.
∙ Four Teams Compete For 450 557 Units On Folsom At Fremont And Beale [SocketSite]
∙ Golub, Mercy get Transbay housing nod [San Francisco Business Times]

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Comments from “Plugged-In” Readers

Kind of a waste to only build 557 units for this site. Could easily support twice that.
Hopefully parking is kept below 100 spaces, this area is completely overrun with congestion.
[Editor’s Note: Expect the final number of parking spaces to be well over 100. From the RFP: “The maximum number of parking spaces for residential uses is one per unit. The Development Controls do not include a minimum off-street parking requirement; however, for the Affordable Project, parking must be provided at a ratio of at least one space per every four residential units.”]

The Development Controls for the site and the RFP provide for building envelopes that essentially limited the number of units that could be built on the site to roughly around where all the proposals came in at.